How Can the Atlantic Canada Opportunities
Agency help?
The Atlantic Canada Opportunities Agency (ACOA) Business
Development Program can provide an interest-free, provisionally
repayable loan of up to 75 per cent of the eligible costs of
developing new or improved products, services and processes.
Eligible costs may include:
- labour costs for engineers, scientists, technicians, draftsmen,
market analysts, researchers and shop labour essential
to the project;
- materials purchased specifically for the project or issued
from your inventory and used to produce sample products,
prototypes or pilot plants;
- special-purpose equipment purchased or constructed
exclusively for your project, and associated rental and
lease costs;
- travel costs incurred solely for your project, excluding
entertainment costs;
- travel costs incurred solely for your project, excluding
entertainment costs;
- other allowable costs include: testing services, patents,
leased space, acquiring the rights to a technology, the
preparation of a first-user manual, and marketing and
feasibility studies;
- acquisition of leading edge technology that is new to the
applicant and will improve performance and productivity.
Will your idea qualify for assistance?
Your idea should meet the following tests:
- introduce a new or improved technology, product,
service or process;
- have good potential for commercial success. This means
having a plan which sets out the steps necessary to
translate your idea into profits. This includes product
testing, identification of a market, sufficient financing
to complete the project, and identification of new skills
that may be required by management and employees;
- successful development of your idea should
contribute to the economy of the region;
- capability to repay ACOA’s interest-free loan on a schedule
tailored to your project that could include repayment
based on royalties once the project is successful.
Environmental Assessment
As part of its project assessment process, ACOA
requires that all projects conform with the
environmental guidelines set out in the
Canadian Environmental Assessment Act.
Let’s talk
To find out more about ACOA’s innovation assistance,
as well as other eligible activities associated with the
establishment, expansion or modernization of your
business, contact your local ACOA office:
- New Brunswick: 1-800-561-4030
- Prince Edward Island: 1-800-871-2596
- Newfoundland and Labrador: 1-800-668-1010
- Nova Scotia: 1-800-565-1228
- Cape Breton, Nova Scotia (Enterprise Cape Breton Corporation):
1-800-705-3926
